Benefits of Owning a Home
Ready to Take the Next Step
When you begin thinking about buying a home, many questions are sure to come to mind, such as:
- Do I have enough money saved?
- Do I need to buy a home?
- Am I responsible enough to own a home?
- Is my income going to increase?
- Am I going to stay in this home long enough to benefit from this purchase?
Purchasing a home is a life-changing financial move, so you must wisely look carefully at the positive and negative aspects.
The Advantages of Owning Your Own Home
- There is great pride in home-ownership, which also closely ties you to your community
- The interest and property tax portion of your mortgage payment is a tax deduction.
- Your costs will be predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
- Homes typically increase in value
- Greater privacy
The Disadvantages of Owning your Own Home
- You’re responsible for all maintenance on your home
- Although mortgage payments are usually fixed, they’re generally higher than rent payments
- Owning a home ties you to your community, making it more difficult to suddenly pick up and leave a location
- Homeownership is a long-term financial commitment
- The value of your house may not increase – especially during the first few years
- Buying a home requires a down payment, closing costs and moving expenses